Home /Apollo Global pulls out $69.35 million investment in Mumbai project

Apollo Global exits Mumbai project at $69.35 million investment

Gulf Property

New York Stock Exchange (NYSE)-listed global private equity fund Apollo Global Management has made an exit from residential project Ahuja Towers of Mumbai-based Indian real estate company Ahuja Constructions' at approximately $69.35 million.

Apollo had invested approximately $30.1 million in the Ahuja Towers project for a 49 percent voting rights in the company. With over $90 billion as corpus for India, Apollo Global Management is one of the largest Global private equity funds investing in diverse sectors ranging from Logistics, Textiles, and Real estate etc.

Apollo has taken successful exit from its investment in the Ahuja Towers project wherein they made approximately $69.35 million for their investment of approximately $30.1 million resulting in multiple of 2.3 times on their investment value.

A company’s top official said, “This comes at a time when most realty funds are finding it difficult to exit their investments in Indian real estate projects amid a slowdown in the property market. Ahuja Constructions used the money invested by Apollo Global Management to develop 53 storey super luxury residential project Ahuja Towers which has redefined the skyline of Worli Mumbai in India.”

Apollo Global, with over $162 billion of assets under management, had recently set up real estate private equity platforms in Asia with offices in Shanghai, Hong Kong and Delhi, among other cities.